Investing.com – The pound dropped to a three-week low against the U.S. dollar on Thursday, as concerns over Greece's debt crisis saw risk aversion escalate, while Wednesday’s weak U.K. jobs data also weighed.
GBP/USD hit 1.6135 during early European trade, the pair’s lowest since May 24; the pair subsequently consolidated at 1.6141, shedding 0.32%.
Cable was likely to find short-term support at 1.6056, the low of May 24 and a seven-week low and resistance at 1.6382, Wednesday’s high.
Earlier in the day, European Central Bank Governing Council member Nout Wellink said that the European bailout fund should be doubled if private investors are to contribute to additional refinancing aid for Greece.
Meanwhile, data on Wednesday showing that the number of people in the U.K. claiming unemployment benefits increased sharply in May reinforced expectations that the Bank of England would not raise interest rates this year.
The pound was also slightly lower against the euro, with EUR/GBP inching up 0.03% to hit 0.8758.
Later in the day, the U.K. was to publish official data on retail sales. Also Thursday, the U.S. was to publish a weekly report on initial jobless claims, as well as data on building permits, housing starts and manufacturing activity.
GBP/USD hit 1.6135 during early European trade, the pair’s lowest since May 24; the pair subsequently consolidated at 1.6141, shedding 0.32%.
Cable was likely to find short-term support at 1.6056, the low of May 24 and a seven-week low and resistance at 1.6382, Wednesday’s high.
Earlier in the day, European Central Bank Governing Council member Nout Wellink said that the European bailout fund should be doubled if private investors are to contribute to additional refinancing aid for Greece.
Meanwhile, data on Wednesday showing that the number of people in the U.K. claiming unemployment benefits increased sharply in May reinforced expectations that the Bank of England would not raise interest rates this year.
The pound was also slightly lower against the euro, with EUR/GBP inching up 0.03% to hit 0.8758.
Later in the day, the U.K. was to publish official data on retail sales. Also Thursday, the U.S. was to publish a weekly report on initial jobless claims, as well as data on building permits, housing starts and manufacturing activity.